Uber faces $20B+ valuation dip, another lawsuit

November 28, 2017

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After months of negotiations, SoftBank is set to submit an offer for a stake in Uber that would value the ridesharing giant at $48 billion, per Bloomberg, a big drop from its last private valuation of $70 billion. While the Japanese telecom giant and other investors would buy Uber shares from existing shareholders at that price, SoftBank could also invest about $1 billion in Uber at its current valuation.

That's not the only news swirling around the company. In a separate development, the city of Chicago has filed a lawsuit against Uber in connection with its failure to disclose a massive 2016 data breach that came to light last week, which Uber admitted to keeping under wraps for about a year. The states of Connecticut, Massachusetts, Missouri and New York have also said they would investigate Uber regarding the hacked information, according to Recode, which included names, email addresses, phone numbers and driver's license numbers.

The breach has also caught the attention of Congress. On Monday, US Senator Mark Warner of Virginia publicly issued a set of several detailed questions about the hack addressed to Uber CEO Dara Khosrowshahi.